Consequences of Demand and Events of Default Sample Clauses

Consequences of Demand and Events of Default. Notwithstanding any other provision in this Agreement, the Xxxxxx Note or any other document executed in connection with this Agreement, upon the occurrence and continuation of an Event of Default, Xxxxxx has the right at any time to demand payment (which payment shall be due five (5) Business Days after such demand) by NaPro of all principal, interest and other amounts due under the Xxxxxx Note or this Agreement and, if NaPro shall fail to pay such amount, Xxxxxx shall have the right to enforce payment of the Xxxxxx Note or any part thereof and to exercise any and all rights and remedies in connection with the Collateral provided by the U.C.C., as well as other rights and remedies in connection with the Collateral possessed by Xxxxxx under this Agreement or otherwise at law or equity. Upon the occurrence of any one or more of the Events of Default and at any time thereafter that such Event of Default shall be continuing, Xxxxxx may, by notice to NaPro, declare any amounts payable on account of and the entire unpaid principal amount of the Xxxxxx Note and all interest accrued and unpaid thereon to be immediately due and payable, whereupon the Abbott Note and all such accrued and unpaid interest thereon shall become immediately due and payable without presentment, demand, or protest or further notice of any kind, all of which are hereby waived by NaPro. Upon the occurrence and the continuation of any one or more Events of Default and the expiration of five (5) Business Days after demand by Abbott for payment of the Abbott Note and amounts owed under this Agreement, interest shall accrue at the applicable Event of Default rate as provided in Section 1.4. Upon the occurrence of an Event of Default on any payments due to Abbott pursuant to the terms of this Agreement by a period of time in excess of thirty (30) days, in addition to any and all rights Abbott may have under this Agreement Abbott may, at Xxxxxx'x option, offset any payment due NaPro for Milestone Payments or Additional Consideration under the Development Agreement against payments due by NaPro to Abbott pursuant to this Agreement (including principal, interests and any applicable penalties). Any withholding or offset of payments for Milestone Payments or Additional Consideration by Abbott pursuant to this Section 6.2 shall not constitute a breach or any other default by Abbott under this Agreement, the Stock Purchase Agreement or the Development Agreement or waiver of NaPro's obligations under th...
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Related to Consequences of Demand and Events of Default

  • Consequences of Events of Default (i) If an Event of Default has occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of an additional two hundred basis points, to the extent permitted by applicable law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph).

  • Other Events of Default Notwithstanding anything to the contrary herein, if the Company elects to pay Special Interest with respect to any Reporting Event of Default, the Company’s election will not affect the rights of the Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default; provided, that, for the avoidance of doubt, in no event will the Company be obligated to pay Special Interest at a rate greater than 0.50% per annum on the principal amount of this Note.

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Notice of Events of Default or Unmatured Events of Default A statement of a Financial Officer of the Servicer setting forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer proposes to take with respect thereto.

  • Consequences of Event of Default In every such event (other than an event with respect to the Borrower described in clause (l) of Section 7.01), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (l) of Section 7.01, (i) the Commitments shall automatically terminate, and (ii) the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

  • Events of Default, Etc During the period during which an Event of Default shall have occurred and be continuing:

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

  • Waiver of Events of Default The Holders representing at least 66% of the Voting Rights affected by a default or Event of Default hereunder may waive such default or Event of Default; provided, however, that (a) a default or Event of Default under clause (i) of Section 7.01 may be waived only by all of the Holders of Certificates affected by such default or Event of Default and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth in Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of Default by the Holders representing the requisite percentage of Voting Rights affected by such default or Event of Default, such default or Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon except to the extent expressly so waived.

  • Events of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities and the Guarantor, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities.

  • Certain Events of Default The following Events of Default will apply to the parties as specified below, and the definition of “Event of Default” in Section 14 is deemed to be modified accordingly:

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